Insights

DISYS Explores the Impact of RPA on Today’s Banking Workforce in Automation Whitepaper

Editor’s Note: Read an excerpt from the Automation Whitepaper below, then download to read the entire piece.

Although there is no official count, it is estimated there are more than 14,000 banks across the world. A little more than 8,000 of these banks and credit unions are said to reside in the United States, with the remainder being divided up among other countries and territories worldwide.

Nearly 6MM people in the US are employed in the banking industry and in 2014, finance and insurance represented 7.2% or $126 trillion of the US gross domestic product. The banking system in the United States supports the world’s largest economy with the greatest diversity in banking institutions and concentration of private credit in the world.

But this industry is under a great amount of pressure and tremendous scrutiny as profit margins shrink and customer satisfaction waivers on an institution’s ability to be available 24/7. In 2015, a JD Power & Associates report stated ATM satisfaction among consumers declined from 2014 as mobile banking tools have increased. But customers are not entirely satisfied with the breadth of services offered to them on the mobile devices.

The report states satisfaction with mobile banking and ATMs is dropping as customer expectations are outpacing technology improvements … Customers expect to be able to perform more functions on the same device this year than they did last year and they expect ease of use.
‘Success will not be driven just by adding more bells and whistles,’ the report states, “But by balancing functionality with ease of use and then clearly communicating features and benefits to the customers.”